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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number 1-5823
CNA FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware36-6169860
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
151 N. Franklin 60606
Chicago,Illinois(Zip Code)
(Address of principal executive offices)
(312) 822-5000
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par value $2.50
"CNA"
New York Stock Exchange
Chicago Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒

Accelerated filer
☐

Non-accelerated filer
☐

Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As of October 31, 2024, 270,842,416 shares of common stock were outstanding.

Item NumberPage
Number
1.
2.
3.
4.
PART II
1
6
2
PART I
Item 1. Condensed Consolidated Financial Statements
CNA Financial Corporation
Condensed Consolidated Statements of Operations (Unaudited)
Periods ended September 30Three MonthsNine Months
(In millions, except per share data)2024202320242023
Revenues
Net earned premiums$2,593 $2,406 $7,532 $7,001 
Net investment income626 553 1,853 1,653 
Net investment losses(10)(38)(42)(105)
Non-insurance warranty revenue401 407 1,212 1,221 
Other revenues8 8 26 22 
Total revenues3,618 3,336 10,581 9,792 
Claims, Benefits and Expenses
Insurance claims and policyholders’ benefits (re-measurement loss of $(48), $(41), $(88) and $(75))
2,019 1,826 5,708 5,258 
Amortization of deferred acquisition costs457 426 1,336 1,208 
Non-insurance warranty expense387 386 1,169 1,154 
Other operating expenses 362 338 1,077 1,021 
Interest32 34 101 93 
Total claims, benefits and expenses3,257 3,010 9,391 8,734 
Income before income tax361 326 1,190 1,058 
Income tax expense(78)(68)(252)(220)
Net income$283 $258 $938 $838 
Basic earnings per share$1.04 $0.95 $3.46 $3.09 
Diluted earnings per share$1.04 $0.95 $3.44 $3.08 
Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic271.3271.2271.5271.2
Diluted272.7272.3272.7272.2
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

3
CNA Financial Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Comprehensive Income (Loss)
Net income$283 $258 $938 $838 
Other Comprehensive Income (Loss), net of tax
Changes in:
Net unrealized gains and losses on investments with an allowance for credit losses(3)(1)(1)(10)
Net unrealized gains and losses on other investments1,265 (1,084)804 (827)
Net unrealized gains and losses on investments1,262 (1,085)803 (837)
Impact of changes in discount rates used to measure long-duration contract liabilities(623)818 (9)678 
Foreign currency translation adjustment63 (55)21 (4)
Pension and postretirement benefits8 6 20 20 
Other comprehensive income (loss), net of tax710 (316)835 (143)
Total comprehensive income (loss)$993 $(58)$1,773 $695 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
4
CNA Financial Corporation
Condensed Consolidated Balance Sheets
(In millions, except share data)September 30, 2024 (Unaudited)December 31, 2023
Assets  
Investments:  
Fixed maturity securities at fair value (amortized cost of $43,551 and $42,414, less allowance for credit loss of $18 and $16)
$42,579 $40,425 
Equity securities at fair value (cost of $639 and $686)
668 683 
Limited partnership investments2,462 2,174 
Other invested assets83 80 
Mortgage loans (less allowance for credit loss of $35 and $35)
1,003 1,035 
Short-term investments1,900 2,165 
Total investments48,695 46,562 
Cash456 345 
Reinsurance receivables (less allowance for uncollectible receivables of $22 and $22)
5,798 5,412 
Insurance receivables (less allowance for uncollectible receivables of $25 and $28)
3,489 3,442 
Accrued investment income460 444 
Deferred acquisition costs943 896 
Deferred income taxes755 1,016 
Property and equipment at cost (less accumulated depreciation of $315 and $296)
258 253 
Goodwill147 146 
Deferred non-insurance warranty acquisition expense3,571 3,661 
Other assets (includes $5 and $23 due from Loews Corporation)
2,784 2,534 
Total assets$67,356 $64,711 
Liabilities  
Insurance reserves: 
Claim and claim adjustment expenses$24,558 $23,304 
Unearned premiums7,259 6,933 
Future policy benefits14,047 13,959 
Short-term debt— 550 
Long-term debt2,972 2,481 
Deferred non-insurance warranty revenue4,594 4,694 
Other liabilities (includes $23 and $28 due to Loews Corporation)
3,168 2,897 
Total liabilities56,598 54,818 
Commitments and contingencies (Notes C and G)
Stockholders' Equity  
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,842,416 and 270,881,457 shares outstanding)
683 683 
Additional paid-in capital2,221 2,221 
Retained earnings9,785 9,755 
Accumulated other comprehensive loss(1,837)(2,672)
Treasury stock (2,197,827 and 2,158,786 shares), at cost
(94)(94)
Total stockholders’ equity10,758 9,893 
Total liabilities and stockholders' equity$67,356 $64,711 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
5
CNA Financial Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine months ended September 30
(In millions)20242023
Cash Flows from Operating Activities  
Net income$938 $838 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Deferred income tax expense42 12 
Trading portfolio activity(1)(1)
Net investment losses 42 105 
Equity method investees(93)37 
Net amortization of investments(153)(140)
Depreciation and amortization51 44 
Changes in:
Receivables, net(404)(84)
Accrued investment income(15)(39)
Deferred acquisition costs(45)(74)
Insurance reserves1,559 1,184 
Other, net(53)(117)
Net cash flows provided by operating activities1,868 1,765 
Cash Flows from Investing Activities  
Dispositions:
Fixed maturity securities - sales2,335 3,284 
Fixed maturity securities - maturities, calls and redemptions1,755 960 
Equity securities388 192 
Limited partnerships45 138 
Mortgage loans75 110 
Purchases:
Fixed maturity securities(5,016)(5,459)
Equity securities(332)(200)
Limited partnerships(235)(322)
Mortgage loans(43)(75)
Change in other investments(2)6 
Change in short-term investments329 (99)
Purchases of property and equipment(57)(67)
Other, net(4)(5)
Net cash flows used by investing activities(762)(1,537)
Cash Flows from Financing Activities
Dividends paid to common stockholders(906)(673)
Proceeds from the issuance of debt490 491 
Repayment of debt(550)— 
Purchase of treasury stock(20)(24)
Other, net(12)(12)
Net cash flows used by financing activities(998)(218)
Effect of foreign exchange rate changes on cash3 — 
Net change in cash111 10 
Cash, beginning of year345 475 
Cash, end of period$456 $485 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
6
CNA Financial Corporation
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Common Stock
Balance, beginning of period$683 $683 $683 $683 
Balance, end of period683 683 683 683 
Additional Paid-in Capital
Balance, beginning of year2,210 2,204 2,221 2,220 
Stock-based compensation11 9 — (7)
Balance, end of period2,221 2,213 2,221 2,213 
Retained Earnings
Balance, beginning of period, as previously reported9,623 9,359 9,755 9,572 
Cumulative effect adjustments from changes in accounting guidance, net of tax— — — (236)
Balance, beginning of period9,623 9,359 9,755 9,336 
Dividends to common stockholders ($0.44, $0.42, $3.32 and $2.46 per share)
(121)(114)(908)(671)
Net income283 258 938 838 
Balance, end of period9,785 9,503 9,785 9,503 
Accumulated Other Comprehensive Loss
Balance, beginning of period, as previously reported(2,547)(3,425)(2,672)(3,557)
Cumulative effect adjustments from changes in accounting guidance, net of tax— — — (41)
Balance, beginning of period(2,547)(3,425)(2,672)(3,598)
Other comprehensive income (loss)710 (316)835 (143)
Balance, end of period(1,837)(3,741)(1,837)(3,741)
Treasury Stock
Balance, beginning of period(95)(95)(94)(93)
Stock-based compensation1 — 20 22 
Purchase of treasury stock — — (20)(24)
Balance, end of period(94)(95)(94)(95)
Total stockholders' equity$10,758 $8,563 $10,758 $8,563 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

7
CNA Financial Corporation
Notes to Condensed Consolidated Financial Statements
Note A. General
Basis of Presentation
The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 92% of the outstanding common stock of CNAF as of September 30, 2024.
The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) for the year ended December 31, 2023, including the summary of significant accounting policies in Note A. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
The interim financial data as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods in accordance with GAAP. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
Accounting Standards Pending Adoption
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The updated accounting guidance requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the Company’s Chief Operating Decision Maker (CODM). The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Retrospective application is required. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures and expects to disclose additional quantitative and qualitative information related to segment expenses regularly provided to the CODM that are included in the Company's measure of segment profit or loss, which is core income (loss).
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

8
Note B. Earnings (Loss) Per Share Data
Earnings (loss) per share is based on weighted average number of outstanding common shares. Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
The following table presents the income and share data used in the basic and diluted earnings per share computations.
Periods ended September 30Three MonthsNine Months
(In millions, except per share data)2024202320242023
Net income (loss)$283 $258 $938 $838 
Common Stock and Common Stock Equivalents
Basic
      Weighted average shares outstanding271.3 271.2 271.5 271.2 
Diluted
Weighted average shares outstanding271.3 271.2 271.5 271.2 
Dilutive effect of stock-based awards under compensation plans1.4 1.1 1.2 1.0 
Total272.7 272.3 272.7 272.2 
Earnings (loss) per share
      Basic $1.04 $0.95 $3.46 $3.09 
Diluted$1.04 $0.95 $3.44 $3.08 
Excluded from the calculation of diluted earnings (loss) per share is the impact of potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans that would have been antidilutive during the respective periods.
The Company repurchased 450,000 and 550,000 shares of CNAF common stock at an aggregate cost of $20 million and $24 million during the nine months ended September 30, 2024 and 2023.
9
Note C. Investments
The significant components of Net investment income are presented in the following table.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Fixed maturity securities$517 $491 $1,530 $1,443 
Equity securities21 9 56 42 
Limited partnership investments67 28 195 108 
Mortgage loans14 15 43 43 
Short-term investments20 23 68 51 
Trading portfolio— 1 1 4 
Other8 6 23 20 
Gross investment income647 573 1,916 1,711 
Investment expense(21)(20)(63)(58)
Net investment income$626 $553 $1,853 $1,653 
Net investment income (loss) recognized due to the change in fair value of common stock held as of September 30, 2024 and 2023
$11 $(3)$20 $2 
Net investment gains (losses) are presented in the following table.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Net investment gains (losses):
Fixed maturity securities:
Gross gains$11 $12 $38 $55 
Gross losses(33)(49)(104)(141)
Net investment gains (losses) on fixed maturity securities(22)(37)(66)(86)
Equity securities13 2 25 (9)
Mortgage loans— (5)— (11)
Short-term investments and other(1)2 (1)1 
Net investment gains (losses)$(10)$(38)$(42)$(105)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2024 and 2023
$13 $2 $24 $2 
10
The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.
Periods ended September 30Three MonthsNine Months
(In millions)2024202320242023
Fixed maturity securities available-for-sale:
Corporate and other bonds$8 $8 $23 $25 
Asset-backed4 4 9 12 
Impairment losses (gains) recognized in earnings$12 $12 $32 $37 

There were no losses recognized on mortgage loans during the three and nine months ended September 30, 2024. There were $5 million and $11 million of losses recognized on mortgage loans during the three and nine months ended September 30, 2023.
11
The following tables present a summary of fixed maturity securities.
September 30, 2024Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$25,872 $826 $900 $6 $25,792 
States, municipalities and political subdivisions7,406 359 617 — 7,148 
Asset-backed:
Residential mortgage-backed3,684 32 362 — 3,354 
Commercial mortgage-backed1,867 15 141 — 1,741 
Other asset-backed3,743 40 186 12 3,585 
Total asset-backed9,294 87 689 12 8,680 
U.S. Treasury and obligations of government-sponsored enterprises224 2 4 — 222 
Foreign government755 8 26 — 737 
Total fixed maturity securities available-for-sale43,551 1,282 2,236 18 42,579 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$43,551 $1,282 $2,236 $18 $42,579 
December 31, 2023Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$25,020 $597 $1,345 $4 $24,268 
States, municipalities and political subdivisions7,713 382 703 — 7,392 
Asset-backed:
Residential mortgage-backed3,411 16 425 — 3,002 
Commercial mortgage-backed1,862 7 230 8 1,631 
Other asset-backed3,515 13 256 4 3,268 
Total asset-backed8,788 36 911 12 7,901 
U.S. Treasury and obligations of government-sponsored enterprises152 1 2 — 151 
Foreign government741 6 34 — 713 
Total fixed maturity securities available-for-sale42,414 1,022 2,995 16 40,425 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$42,414 $1,022 $2,995 $16 $40,425 
12
The following tables present the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position.
Less than 12 Months12 Months or LongerTotal
September 30, 2024Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$1,664 $31 $11,240 $869 $12,904 $900 
States, municipalities and political subdivisions422 7 3,155 610 3,577 617 
Asset-backed:
Residential mortgage-backed130 2 2,162 360 2,292 362 
Commercial mortgage-backed112 — 1,134 141 1,246 141 
Other asset-backed151 4 1,638 182 1,789 186 
Total asset-backed393 6 4,934 683 5,327 689 
U.S. Treasury and obligations of government-sponsored enterprises45 2 45 2 90 4 
Foreign government99 1 403 25 502 26 
Total$2,623 $47 $19,777 $2,189 $22,400 $2,236 
Less than 12 Months12 Months or LongerTotal
December 31, 2023Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$1,943 $37 $13,406 $1,308 $15,349 $1,345 
States, municipalities and political subdivisions598 18 3,104 685 3,702 703 
Asset-backed:
Residential mortgage-backed233 4 2,212 421 2,445 425 
Commercial mortgage-backed200 5 1,184 225 1,384 230 
Other asset-backed392 8 1,869 248 2,261 256 
Total asset-backed825 17 5,265 894 6,090 911 
U.S. Treasury and obligations of government-sponsored enterprises65 1 23 1 88 2 
   Foreign government52 1 450 33 502 34 
Total$3,483 $74 $22,248 $2,921 $25,731 $2,995 

13
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.
September 30, 2024December 31, 2023

(In millions)		Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$2,127 $265 $2,273 $309 
AAA1,277 221 1,524 261 
AA 3,641 547 3,817 658 
A5,229 405 5,652 517 
BBB9,243 689 11,523 1,095 
Non-investment grade883 109 942 155 
Total$22,400 $2,236 $25,731 $2,995 
Based on current facts and circumstances, the Company believes the unrealized losses presented in the September 30, 2024 securities in a gross unrealized loss position tables above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the Company considered the volatility in risk-free rates and credit spreads as well as the fact that its unrealized losses are concentrated in investment grade issuers. Additionally, the Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional impairment losses to be recorded as of September 30, 2024.
14
The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (PCD) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $451 million, $435 million, and $430 million as of September 30, 2024, December 31, 2023, and September 30, 2023 and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables included within this Note.
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of July 1, 2024
$— $17 $17 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded4 — 4 
Available-for-sale securities accounted for as PCD assets2 — 2 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— — — 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— — — 
Write-offs charged against the allowance— 9 9 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period— 4 4 
Balance as of September 30, 2024
$6 $12 $18 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of July 1, 2023
$13 $9 $22 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded5 — 5 
Available-for-sale securities accounted for as PCD assets2 — 2 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— — — 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— — — 
Write-offs charged against the allowance15 — 15 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period— 4 4 
Balance as of September 30, 2023
$5 $13 $18 

15
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2024
$4 $12 $16 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded4 — 4 
Available-for-sale securities accounted for as PCD assets2 — 2 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)3 1 4 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis1 — 1 
Write-offs charged against the allowance— 9 9 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period— 10 10 
Balance as of September 30, 2024
$6 $12 $18 

(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2023
$— $1 $1 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded6 7 13 
Available-for-sale securities accounted for as PCD assets22 — 22 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)6 — 6 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis3 — 3 
Write-offs charged against the allowance15 — 15 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period1 5 6 
Balance as of September 30, 2023
$5 $13 $18 
16
Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
September 30, 2024December 31, 2023
(In millions)Cost or
Amortized
Cost		Estimated
Fair
Value		Cost or
Amortized
Cost		Estimated
Fair
Value
Due in one year or less$1,585 $1,565 $1,121 $1,091 
Due after one year through five years11,948 11,800 11,563 11,180 
Due after five years through ten years13,333 12,959 13,359 12,573 
Due after ten years16,685 16,255 16,371 15,581 
Total$43,551 $42,579 $42,414 $40,425 
Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.
Investment Commitments
As part of its overall investment strategy, the Company invests in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications, and obligations related to private placement securities. As of September 30, 2024, the Company had commitments to purchase or fund approximately $1,645 million and sell approximately $90 million under the terms of these investments.
Related Party Investment
During the three months ended September 30, 2024, the Company invested in a commercial mortgage-backed securitization whose underlying mortgage loan is an obligation of an affiliate of Loews that matures in September of 2034. The Company purchased $50 million of par at issuance across three separate investment grade tranches of the $305 million securitization. The Company's position in this commercial mortgage-backed securitization is included in the Fixed maturity securities at fair value line on the Condensed Consolidated Balance Sheets and was $52 million as of September 30, 2024. The Company recognized less than $1 million of income in Net investment income related to this investment during the three months ended September 30, 2024.

17
Mortgage Loans
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).
September 30, 2024
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)20242023202220212020PriorTotal
DSCR ≥1.6x
LTV less than 55%$— $33 $9 $2 $97 $242 $383 
LTV 55% to 65%— — — 5 —